The Nigerian naira traded relatively stable against the United States dollar across the official and parallel foreign exchange markets on Monday, as market participants continued to monitor liquidity conditions and demand pressures in the forex ecosystem.
Data from the Nigerian Foreign Exchange Market (NFEM) showed the official exchange rate hovering around ₦1,361/$, with intraday fluctuations between approximately ₦1,355 and ₦1,366 to the dollar.
The movement reflects continued efforts by monetary authorities to stabilise the foreign exchange market amid persistent demand for foreign currency by importers, manufacturers and other end users.
At the parallel market, commonly referred to as the black market, the dollar exchanged at about ₦1,395/$, indicating a premium above the official market rate.
Recent trading sessions have shown marginal appreciation of the naira at the official window, supported by improved market turnover and sustained interventions aimed at boosting liquidity in the forex market. Earlier data from the Central Bank of Nigeria indicated that the naira had traded around ₦1,362/$ in previous sessions.
Analysts say the narrowing gap between the official and parallel market rates could help improve investor confidence and reduce speculative pressure on the local currency if sustained over time.
The Central Bank of Nigeria maintains that the NFEM rate remains the country’s official benchmark exchange rate, derived from volume-weighted market transactions.
